Last June, gold was getting ready to breakout over $1,800 per ounce on its way to a record high of $2,089 printed in August. After a significant pullback to $1,673 in March, gold is back in an uptrend, once again making an important breakout above $1,800 this month while rising above its 200-day moving average for the first time since January. Against that backdrop, the timing is perfect for Graycliff Exploration Limited (CSE:GRAY) (OTCQB:GRYCF) to start releasing data from its 1,025-hectare Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario.
The project is named after its centerpiece, the historic Shakespeare Gold Mine that produced from 1903-1907. The overall land package in the area is expansive, covering more than 2,500 hectares after Graycliff this month added about 1,500 hectares to the east of the Shakespeare property known as the Baldwin project.
Graycliff is actively exploring at Shakespeare, drilling to expand both historic and newly discovered mineralization, including areas near adits and shafts from the Shakespeare Mine. In April, Graycliff completed a Phase 2 drilling program consisting of 14 core diamond drill holes totaling 2,000 metres.
Assay results are starting to arrive, lending to the stock surging 41.8% last week, a technical breakout for the stock we previously discussed.
The first results were disclosed a bit sooner than investors probably expected. In the words of Graycliff CEO James Macintosh, "While the Company is not in the practice of releasing partial results from its drill holes, the results received were significant enough to warrant their immediate release.”
Macintosh and GRAY investors have ample reason to be excited and optimistic about complete results from the latest drilling program. Samples from drill hole J-8-21 intersected a mineralized interval grading 66.98 grams per tonne (g/t) gold from 102.0 to 105.0 metres depth. The 3-metre cut included a 0.7-metre span grading 90 g/t gold.
“Obviously, more than two ounces per ton over three metres is an exceptional start for our phase two drilling program," Macintosh added. Full results from drill hole J-8-21 are expected soon, with results from other drill holes expected to follow in the coming weeks.
The results align with previous drilling data released by Graycliff in March. Drill hole J-8-21 is about 30 metres down dip of drill hold J-7-20 that intersected 8.59 g/t gold over 5.5 metres. Cumulatively, the data set is starting to provide clarity to the opportunity at Shakespeare, which will have investors closely monitoring for the next batch of assay results and what the company has planned for summer exploration.
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